PROVIDENCE – The R.I. Commerce Corp. board of directors on Monday unanimously awarded four innovation vouchers totaling $300,000.
Created in 2016, the Innovation Voucher Program offers eligible entrepreneurs and small businesses up to $75,000 in grant funding to expand research and development.
The program has awarded more than $7.9 million in grant funding to 117 companies to date. This has led to 24 patents and the creation of 317 new jobs, according to an update provided by Innovations Initiatives Director Kristina Brown.
Gov. Daniel J. McKee, who also chairs the Commerce board, said the program and these latest investments are designed to grow the Rhode Island economy.
"It's about creating jobs," he said.
The latest recipients are as follows:
- Ageless Innovation, LLC of Pawtucket, $75,000 to create a new animatronic system for its Joy for All robotic therapy pets
- Foxglove, LLC of Narragansett, $75,000 to develop and test prototypes for medical devices that treat incontinence on CNA interns at the Lincoln Technical Institute
- HA Biosciences, LLC of Providence, $75,000, to partner with Women and Infants Hospital to conduct a clinical study of its over-the-counter capsules designed to treat irritable bowel syndrome
- The AnalytIQ, LLC of North Kingstown, $75,000 to parter with the University of Rhode Island athletics to develop and test a prototype for a bio-signal capturing sensors
Christopher Allen is a PBN staff writer. You may contact him at Allen@PBN.com.